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Tuesday, 28 May 2013
Page: 4096

Ms O'NEILL (Robertson) (21:24): I rise to address the Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013. The matters are covered in two schedules. Firstly, with regard to the issuing of retail corporate bonds we had an excellent hearing with the sector, which provided some considerable feedback to us. With the establishment of this piece of legislation the bond market will be able to expand, and that will provide investment opportunity for Australian residents and nonresidents and improve access to the simple corporate or vanilla bonds. The second schedule deals with the terms 'financial planner' and 'financial adviser'. Sadly, some unlicensed people or unscrupulous people have been exploiting those who thought they were getting careful financial advice and personal financial advice but found that not to be the case. This tightens up the naming of people who call themselves financial advisers. In effect, it will definitely help consumers by clarifying where you can go to get excellent financial advice. That should improve consumer confidence. I commend the bill to the House.